During tax time, it can seem like there are many more tax
benefits for homeowners. That’s true to an extent, and there are usually more
expenses as well. Renters often miss out on deductions and some great Arizona
tax credits. But there are lots of ways to reduce your taxes if you are renter.
When preparing your taxes, if you’re planning to take
some of these deductions, it can be valuable to consult a tax adviser.
For those who are self-employed, a percentage of health-insurance premiums are
tax deductible. And for renters who have employer-paid health insurance,
premiums may be tax deductible. Your tax adviser can help you calculate this.
schools. Arizona taxpayers are able to make direct donations to public,
charter and private schools for a dollar-for-dollar tax credit. If you made
this donation before Dec. 31, you should have received a confirmation letter.
The law recently changed to allow taxpayers to contribute to schools up until
Credits. If you made working-poor tax credit donations or contributed to
the other credit programs that Arizona offers, be sure to include these in your
tax preparation. These are dollar-for-dollar tax credits and will help to
reduce your tax bill from the state.
deductions. Childcare and preschool expenses can be offset by a tax credit
for parents who are eligible. There are limitations on the age of the child,
but it’s worth looking into for parents.
It’s important to consult your tax adviser.